Grupo Catalana Occidente S A : 9M 2022 Financial supplement

Index

Index

Press Release

Key figures

Financial information

P&L

Result

Traditional business

Multirisk

Auto

Others

Life

Credit Insurance

TPE

Expenses

Financial result

Non-ordinary

Balance sheet

Investments

Quaterly Report 9M2022

Press Release

Index
(figures in million of euros)
Income	9M2021	9M2022	% Chg. 21-22
Traditional Business	2,123.2	2,153.8	1.4%
Recurring premiums	1,883.1	1,985.2	5.4%
Single premiums life	240.1	168.6	-29.8%
Credit Insurance Business	1,597.4	1,882.2	17.8%
Turnover	3,720.6	4,036.0	8.5%
(figures in million of euros)
Results	9M2021	9M2022	% Chg. 21-22
Ordinary Results Traditional Business	202.4	203.2	0.4%
Ordinary Results from Credit Insurance Business	175.5	275.9	57.2%
Non-ordinary Result	14.3	-2.5
Consolidated result	392.2	476.5	21.5%
Attributed result	361.0	430.6	19.3%

Key figures

Index
(figures in million of euros)
Key figures	9M2021	9M2022	% Chg. 21-22	12M2021
Growth
Turnover	3,720.6	4,036.0	8.5%	4,882.5
- Traditional business	2,123.2	2,153.8	1.4%	2,801.0
- Credit insurance business	1,597.4	1,882.2	17.8%	2,081.5
Profitability
Consolidated result	392.2	476.5	21.5%	468.3
- Traditional business	202.4	203.2	0.4%	244.2
- Credit insurance business	175.5	275.9	57.2%	241.8
- Non-ordinary	14.3	-2.5	-17.8
Attributed result	361.0	430.6	19.3%	427.2
Combined ratio Traditional business	88.1%	90.3%	2.2	88.9%
Combined ratio Credit insurance business	59.6%	69.9%	10.3084917447	64.2%
Dividend per share	0.95
Pay-out	26.6%
Share price	31.5	25.7	-18.6%	30.0
PER	9.3	6.2	8.43
ROE	10.5%
Non-financial data
Number of employees	7,309	7,150	-2.2%	7,305
Number of offices	1,461	1,502	2.8%	1,481
Number of intermediaries	16,725	16,326	-2.4%	16,726
Key figures	12M 2021	9M 2022	% Chg. 21-22
Solvency
Permanent resources at market value	5,191.5	4,852.2	-6.5%
Technical Provisions	11,294.5	11,822.2	4.7%
Funds under management	15,712.2	14,962.8	-4.8%

P&L

Index
(figures in million of euros)
Cuenta de resultados	9M2021	9M2022	% Chg. 21-22	12M2021
Written premiums	3,610.9	3920.8	8.6%	4,746.9
Information services	109.7	115.2	5.0%	135.6
Net income from insurance	3,720.6	4036	8.5%	4,882.5
Technical cost	2,133.0	2236.4	4.8%	2,850.3
% of net income	59.5%	58.1%	59.2%
Commissions	438.1	488.3	11.5%	594.9
% of net income	12.2%	12.7%	12.3%
Expenses	588.4	592.4	0.7%	843.2
% of net income	16.4%	15.4%	17.5%
Technical result after expenses	422.8	532.5	25.9%	529.4
% of net income	11.8%	13.8%	11.0%
Financial result	76.3	67.2	97.0
% of net income	2.1%	1.9%	2.0%
Result of non-technical non-financial account	-22.2	-5.4	-34.2
% of net income	-0.6%	-0.2%	-0.7%
Result compl. activities Credit insurance and funeral business	13.5	11.9	15.1
% of net income	0.4%	0.3%	0.3%
Result before tax	490.4	606.3	23.6%	607.3
% of net income	13.7%	15.7%	12.6%
Taxes	98.2	129.8	139.0
% taxes	20.0%	21.4%	22.9%
Consolidated result	392.2	476.5	21.5%	468.3
Result attributable to minorities	31.2	46.0	41.1
Attributed result	361.0	430.6	19.3%	427.2
% of net income	10.1%	11.2%	8.9%
Ordinary result	377.9	479.1	26.8%	486.1
Non-ordinary result	14.3	-2.5	-17.8

Result

Index
(figures in million of euros)
Result for activity areas	9M2021	9M2022	% Chg. 21-22	12M2021
Ordinary result Traditional business	202.4	203.2	0.4%	244.2
Ordinary result Credit insurance business	175.5	275.9	57.2%	241.8
Non-ordinary**	14.3	-2.5	-17.8
Consolidated result	392.2	476.5	21.5%	468.3
Atributed result to minorities	31.2	46.0	47.4%	41.1
Atributed result	361.0	430.6	19.3%	427.2

Traditional business

Index
(figures in million of euros)
Traditional business	9M2021	9M2022	% Chg. 21-22	12M2021
Written premiums	2,123.2	2153.8	1.4%	2,801.0
Life insurance premiums, ex. single	1,883.1	1985.2	5.4%	2,473.2
Technical result after expenses	214.0	204.1	-4.6%	258.7
% of Earned premiums	10.4%	9.9%	9.3%
Financial result	49.4	61.8	25.1%	59.9
% of Earned premiums	2.4%	3.0%	2.2%
Result non-technical account	-13.1	-14.8	-18.4
Funeral business complementary activities	3.7	4.9	32.4%	5.2
Company income tax	-51.8	-52.7	-61.1
Ordinary result	202.4	203.2	0.4%	244.2
Non-ordinary result	9.9	1.3	-12.4
Total result	212.3	204.5	-3.7%	231.76
Earned premiums	2,062.6	2065.1	0.1%	2,781.9

Multirisk

Index
(figures in million of euros)
Multir-risk	9M2021	9M2022	% Chg. 21-22	12M2021
Written premiums	539.9	580	7.4%	721.8
% Technical cost	56.1%	58.2%	2.1	56.2%
% commissions	21.1%	21.1%	0.0	21.0%
% expenses	12.9%	12.2%	-0.7	12.9%
% combined ratio	90.1%	91.6%	1.5	90.1%
Technical result after expenses	52.0	46.7	-10.2%	69.9
% of Earned premiums	9.9%	8.4%	9.9%
Earned premiums	523.4	555.9	6.2%	705.3

Auto

Index
(figures in million of euros)
Auto	9M2021	9M2022	% Chg. 21-22	12M2021
Written premiums	480.9	493.0	2.5%	641.1
% Technical cost	63.3%	68.5%	5.2	65.3%
% commissions	11.3%	11.3%	0.0	11.2%
% expenses	12.8%	12.8%	0.0	12.7%
% combined ratio	87.4%	92.6%	5.2	89.3%
Technical result after expenses	61.5	36.0	-41.5%	69.6
% of Earned premiums	12.6%	7.4%	10.7%
Earned premiums	486.6	484.0	-0.5%	650.4

Others

Index
(figures in million of euros)
Others	9M2021	9M2022	% Chg. 21-22	12M2021
Written premiums	251.1	272	8.3%	330.8
% Technical cost	51.9%	49.3%	-2.6	52.3%
% commissions	18.5%	19.8%	1.3	19.9%
% expenses	14.7%	14.2%	-0.5	13.4%
% combined ratio	85.2%	83.3%	-1.9	85.5%
Technical result after expenses	35.3	42.4	20.1%	46.2
% of Earned premiums	15.0%	16.7%	14.5%
Earned premiums	235.7	253.6	7.6%	318.9

Life

Index
(figures in million of euros)
Life	9M2021	9M2022	% Chg. 21-22	12M2021
Life insurance turnover	851.3	808.8	-5.0%	1,107.3
Health	133.3	136.3	2.3%	145.0
Funeral	110.5	115.9	4.9%	147.5
Life periodic saving	367.4	388	5.6%	487.1
Life single saving	240.1	168.6	-29.8%	327.7
Contributions to pension plans	11.0	34.3	61.0
Net contributions to investment funds	3.5	-3.7	3.0
Technical result after expenses	65.3	79.0	21.0%	72.9
% of Earned premiums	8.0%	10.2%	6.6%
Technical - financial result	87.7	111.3	26.9%	98.6
% of Earned premiums	10.7%	14.4%	8.9%
Earned premiums	816.9	771.6	-5.5%	1,107.3

Credit

Index
(figures in million of euros)
Income	9M2021	9M2022	% Chg. 21-22	12M2021
Written premiums (€M)	1,487.7	1,767.0	18.8%	1,945.9
Information services	109.7	115.2	5.0%	135.6
Total income from insurance	1,597.4	1882.2	17.8%	2,081.5
Earned premiums	1,410.1	1669.4	18.4%	1,900.3
Combined ratio	9M2021	9M2022	% Chg. 21-22	12M2021
% Gross technical cost	24.3%	37.7%	13.4	27.8%
% Gross commissions + expenses	35.3%	32.2%	-3.1	36.3%
% Gross combined ratio	59.6%	69.9%	10.3	64.2%
% Net technical cost	39.3%	40.6%	1.3	37.3%
% Net commissions + expenses	33.2%	30.2%	-3.0	34.3%
% Net combined ratio	72.4%	70.8%	-1.6	71.6%
(figures in million of euros)
Credit insurance business	9M2021	9M2022	% Chg. 21-22	12M2021
Earned premiums	1,410.1	1,669.4	18.4%	1,900.3
Information services	109.7	115.2	5.0%	135.6
Credit insurance income	1,519.8	1,784.6	17.4%	2,035.9
Technical result after expenses	614.1	536.4	-12.7%	729.5
% of income	40.4%	30.1%	35.8%
Reinsurance result	-403.2	-204.9	-49.2%	-419.8
Ceded reinsurance ratio	53.5%	37.0%	0.5
Net technical result	210.9	331.5	57.2%	309.7
% of income	13.9%	18.6%	15.2%
Financial result	10.1	21.3	110.9%	17.7
% of income	0.7%	1.2%	0.9%
Result complementary act.	9.8	7.1	-27.6%	9.9
Company income tax	-52.0	-81	-90.0
Adjustments	-3.2	-3	-4.7
ordinary result	175.5	275.9	57.2%	241.8
Non-ordinary	4.4	-3.9	-5.3
Total result	179.9	272.0	51.2%	236.5

TPE

Index
(figures in million of euros)
Cumulative risk per country (TPE)	2018	2019	2020	2021	9M2022	% Chg. 21-22	% total
Spain and Portugal	99,453	98,739	79,231	86,970	96,480	10.9%	11.3%
Germany	90,599	93,024	93,568	108,235	122,437	13.1%	14.4%
Australia and Asia	92,222	95,595	84,153	101,050	122,794	21.5%	14.4%
Americas	75,773	81,269	71,765	94,039	126,588	34.6%	14.9%
Eastern Europe	63,935	68,595	64,630	77,682	85,994	10.7%	10.1%
UK	44,989	51,019	46,339	56,511	64,193	13.6%	7.5%
France	51,866	48,407	45,239	50,601	58,224	15.1%	6.8%
Italy	44,263	43,661	42,001	50,352	58,993	17.2%	6.9%
Nordic and Baltic countries	30,525	31,748	30,779	35,311	40,683	15.2%	4.8%
Netherlands	29,650	30,392	29,875	33,204	38,177	15.0%	4.5%
Belgium and Luxembourg	17,285	17,444	16,959	19,155	21,354	11.5%	2.5%
Rest of the world	12,842	12,627	10,011	11,934	14,544	21.9%	1.7%
Total	653,404	672,520	614,549	725,043	850,462	17.3%	100.0%
(figures in million of euros)
Cumulative risk per sector	2018	2019	2020	2021	9M2022	% Chg. 21-22	% s/ total
Electronics	77,433	82,858	73,189	90,137	105,656	17.2%	12.4%
Chemicals	86,479	87,466	82,804	99,390	118,951	19.7%	14.0%
Durable consumer goods	69,881	73,145	69,071	81,697	91,574	12.1%	10.8%
Metals	68,424	72,285	61,597	78,757	94,245	19.7%	11.1%
Food	63,001	64,587	63,860	71,101	80,790	13.6%	9.5%
Transport	60,461	61,128	53,098	61,673	74,446	20.7%	8.8%
Construction	49,773	51,495	47,072	53,451	61,783	15.6%	7.3%
Machinery	39,972	41,225	39,635	46,328	54,602	17.9%	6.4%
Agriculture	33,876	33,954	29,845	34,441	39,623	15.0%	4.7%
Construction materials	28,359	29,389	29,345	34,801	41,303	18.7%	4.9%
Services	27,837	27,109	23,346	25,211	29,287	16.2%	3.4%
Textiles	20,324	19,660	15,404	16,987	19,715	16.1%	2.3%
Paper	14,525	15,065	13,151	15,572	19,085	22.6%	2.2%
Finance	13,058	13,156	13,131	15,497	19,400	25.2%	2.3%
Total	653,404	672,520	614,549	725,043	850,462	17.3%	100.0%

+9,2%

Expenses

Index
(figures in million of euros)
Expenses and commissions	9M2021	9M2022	% Chg. 21-22	12M2021
Traditional business	233.3	233.1	-0.1%	310.5
Credit insurance	352.0	355.3	0.9%	492.4
Non-ordinary expenses	3.1	4.1	40.3
Total expenses	588.4	592.4	0.7%	843.2
Commissions	438.1	488.3	11.5%	594.9
Total expenses and commissions	1,026.5	1080.8	5.3%	1,438.1
% expenses and commissions out of income	30.4%	28.7%	31.6%

Financ. result

Index
	(figures in million of euros)
Financial result	9M2021	9M2022	% Chg. 21-22	12M2021
Financial income (net of expenses)	144.2	151.2	187.0
Exchange Differences	-0.5	-1.6	-0.7
Subsidiary companies	1.7	1.4	2.2
Interests applied to life	-95.9	-89.3	-128.7
Ordinary result of Traditional business	49.4	61.8	25.1%	59.9
% of Earned premiums	2.4%	3.0%	2.2%
Financial income (net of expenses)	8.6	17.1	8.5
Exchange Differences	3.4	0.5	8.9
Subsidiary companies	10.5	13.2	16.0
Interests subordinated debt	-12.6	-9.8	-15.9
Ordinary result of Credit insurance	10.1	21.3	110.9%	17.7
% of net income from insurance	0.7%	1.2%	0.9%
Intra-group interest adjustment	-0.3	-0.3	-0.4
Adjusted credit insurance	9.8	20.9	17.3
ordinary financial	59.2	82.7	39.7%	77.2
% of net income from insurance	1.7%	2.1%	1.6%
Non-ordinary financial	17.2	-15.5	19.8
Financial result	76.3	67.2	-11.9%	97.0

Non-Ordinary

Index
	(figures in million of euros)
Non-ordinary result (net taxes)	9M2021	9M2022	12M2021
Financial	12.3	-10.4	11.8
Expenses and others	-8.3	9.8	-33.4
Taxes	5.9	2	9.1
Non-recurrent from traditional business	9.9	1.3	-12.4
Financial	4.9	-5.1	8.0
Expenses and others	0.8	0	-16.4
Taxes	-1.2	1.2	3.1
Non-ordinary from credit insurance	4.4	-3.9	-5.3
Net non-ordinary result	14.3	-2.5	-17.8

BS

Index
(figures in million of euros)
Assets	12M2021	9M2022	% Chg. 21-22
Intangible assets and property	1,358.2	1,308.7	-3.6%
Investments	13,955.5	13,318.4	-4.6%
Investment property	718.3	723.3	0.7%
Financial investments	11,504.0	10,499.3	-8.7%
Cash and short-term assets	1,733.2	2,106.9	21.6%
Reinsurer participation in technical provisions	1,101.5	1,204.1	9.3%
Other assets	1,857.7	2,123.9	14.3%
Deferred tax assets	226.8	275.2	21.4%
Credits	1,006.6	1,125.6	11.8%
Other assets	624.3	723.2	15.8%
Total assets	18,272.9	17,955.2	-1.7%
Net liabilities and equity	12M2021	9M 2022	% Chg. 21-22
Permanent resources	4,667.7	4,320.6	-7.4%
Net equity	4,472.8	4,125.6	-7.8%
Parent company	4,076.6	3,715.2	-8.9%
Minority interests	396.2	410.4	3.6%
Subordinated liabilities	194.9	195.0	0.1%
Technical Provisions	11,294.5	11,822.2	4.7%
Other liabilities	2,310.7	1,812.4	-21.6%
Other provisions	196.1	176.2	-10.1%
Deposits received on buying reinsurance	21.1	16.1	-23.7%
Deferred tax liabilities	504.2	313.2	-37.9%
Debts	1,145.6	1,128.1	-1.5%
Other liabilities	443.7	178.7	-59.7%
Total net liabilities and equity	18,272.9	17,955.2	-1.7%

Inv.

Index
(figures in million of euros)
Investments and funds under management	12M2021	9M2022	% Chg. 21-22	% s/inv. R.Cia.
Properties	1,732.8	1,716.8	-0.9%	12.7%
Fixed income	7,469.2	6,972.0	-6.7%	51.6%
Variable Income	2,122.0	1,843.7	-13.1%	13.6%
Deposits with credit institutions	620.8	476.5	-23.2%	3.5%
Other investments	249.1	250.7	0.6%	1.9%
Cash and monetary assets	1,841.5	2,142.7	16.4%	15.9%
Investment in investee companies	99.1	107.6	8.6%	0.8%
Total investments, risk to entity	14,134.5	13,510.0	-4.4%	100.0%
Investments on behalf of policyholders	757.2	719.9	-4.9%	5.3%
Pension plans and investment funds	820.5	732.9	-10.7%	5.4%
Total investments, risk to policyholders	1,577.7	1,452.8	-7.9%
Investments and funds under management	15,712.2	14,962.8	-4.8%